Oil vs. Energy Stock Prices: Something's Gotta Give

The charts below show the ratio between the price of the S&P 500 Energy stock sector and the price of crude oil per barrel. The ratio is clearly at its highest level in the past three years, meaning that oil stocks have not fallen as fast as the price of the actual commodity during the current decline. So either the stocks are due to play catch up, or the decline of oil is a bit overdone.